Highbridge CEO Moves Over For Ex-Goldman Exec.

Jul 12 2013 | 3:11am ET

Highbridge Capital Management's Glenn Dubin is stepping down as CEO of the $31 billion hedge fund, more than 20 years after founding the firm and four years after completing its sale to JPMorgan Chase.

Scott Kapnick, the former Goldman Sachs investment bank co-chief who set up Highbridge's private-equity unit, will succeed Dubin, the only CEO Highbridge has ever had. Dubin will remain with the firm as chairman, and said that the move is part of a long-standing succession plan.

"In no way am I leaving the firm, and in no way am I retiring or semi-retiring," he told The Wall Street Journal. "My day job has teeth…. I'm going to go to the office every day; I've got a big bulk of my personal capital invested in Highbridge funds."

Dubin's exit comes amidst a period of middling performance by Highbridge's flagship hedge fund.

Kapnick has been with Highbridge since 2007 and has built its private-equity unit into a $14 billion business.

"I don’t think it was much of a choice as it was obvious Scott is going to succeed me as CEO of Highbridge," Dubin said.

Dubin's co-founder, Henry Swieca, left Highbridge in 2009, when the firm completed its sale to JPMorgan Chase, which had taken a stake in the hedge fund in 2004. Swieca now runs Talpion Fund Management, a hedge-fund seeding operation.

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